Siply said that post the acquisition, it will use the combined strengths of both the startups to offer customers innovative, fully digital, sachet financial services
The micro-savings startup allows its customers to invest in mutual funds, gold, and other assets through micro savings starting at INR 1
Finsave Technologies’ myPaisaa, founded in 2020, is an app-based regulated digital chit-fund distribution platform
Bengaluru-based micro-savings fintech startup Siply has acquired new-age chit platform myPaisaa for $7.5 Mn.
Siply said that the acquisition is a significant step towards achieving the shared goal of both the startups of delivering fully-digital financial inclusion products to the underserved in India.
As per Siply, post acquisition, it will use the combined strengths of both the startups to offer customers innovative, fully digital, sachet financial services while driving growth and financial inclusion in the Indian market.
It said that with the acquisition, it aims to create more avenues for Indians to make saving a habit and learn how to grow their investments.
Siply, founded in 2020 by Sousthav Chakrabarty and Anil Bhat, allows its customers to invest in mutual funds, gold, and other assets through micro savings starting at INR 1. The startup launched its first three Siply Seva Kendras in September 2022 – one each in Bengaluru, Mysuru and Belgaum in Karnataka. Currently, it operates 14 branches in three states and eight cities.
The startup plans to set up Siply Seva Kendras in Maharashtra, Tamil Nadu and Kerala in the next few months and aims to launch 1,000 branches across 115 cities in India in the next three years.
“We are excited to announce Finsave’s myPaisaa as our first acquisition. We chose Finsave because of the innovative fintech solutions they bring to the table and our shared mission of addressing the financial needs of millions of underserved people across Bharat. We plan to leverage myPaisaa’s advanced new-age chit platform to enhance our existing offerings and expand our customer base,” said Sousthav Chakrabarty, cofounder & CEO, Siply.
myPaisaa, founded by Ravindranath Kamma & Veera Praveen Reddy in 2020, is an app-based regulated digital chit-fund distribution platform which distributes chits licenced by the Government of India and the Registrar of Chit Funds.
It allows users to save and borrow from their own funds through its multiple investment plans. Its app is available on Android and iOS platforms.
“This acquisition is a testament to our team’s hard work and dedication at Finsave’s myPaisaa. We are eager to leverage Siply’s resources, expertise, and distribution to expand our reach further and bring our fully digital and 100% compliant ROSCA and chit-based products to even more individuals in need,” said Reddy, cofounder and COO, Finsave Technologies (myPaisaa).
In June last year, Siply raised $19 Mn in a mix of debt and equity in its pre-Series A funding round led by QI Ventures. Its existing investors LetsVenture and JITO too were part of the funding round, along with angel investor Vivek Sunder of Cuemath.
In November 2021, the micro-savings startup bagged $3.2 Mn in its pre-Series A funding round from LetsVenture, AngelList India, Founder Room Circle, Kunal Shah, Beerud Sheth among others. Prior to it, the startup had raised $1 Mn in a seed funding round in January 2020.
The country’s fintech segment is estimated to be a $2.1 Tn market opportunity by 2030. However, the sector is at crossroads currently due to various regulatory hurdles like the Reserve Bank of India’s guidelines disallowing non-bank PPIs to load credit.
Despite this, the segment saw 14 funding deals in January 2023, finishing in the pole position in terms of investment rounds.
